Landstar System Inc, based in Jacksonville FL, reported revenue rose 19% to a record $502 million in the 2005 first quarter from $421 million in the 2004 first quarter. Net income for the 2005 first quarter was a record $17.9 million, compared with net income of $8.1 million for the 2004 first quarter. Operating margin was 6.0% in the 2005 first quarter versus 3.3% in the 2004 first quarter.
The firm's carrier group of companies generated $371 million of revenue in the 2005 first quarter, compared with revenue of $322 million in the 2004 first quarter. Landstar's multimodal services group of companies produced $124 million of revenue in the 2005 first quarter in contrast to $92 million of revenue in the 2004 first quarter.
“Landstar's 2005 first quarter performance was the best first quarter operating performance in its history,” said Henry Gerkens, Landstar president and chief executive officer.
